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Strategic New Partnership: McDermott and Shell

In a significant development, McDermott International, Ltd. has been chosen by Shell Global Solutions International B.V. to engage in a comprehensive Enterprise Framework Agreement (EFA). This partnership focuses on delivering engineering and procurement services coupled with integrated project management team services (IPMT). The agreement spans a period of three years, with the option for two additional one-year extensions, showcasing the long-term commitment of both companies towards innovative energy solutions.

The scope of the EFA encompasses a wide array of McDermott's capabilities within its Low Carbon Solutions, Offshore Middle East, as well as Subsea and Floating Facilities business sectors. Leveraging its vast global engineering centers, McDermott pledges to provide exceptional feasibility studies and cutting-edge front-end engineering solutions tailored to support Shell's ambitious project endeavors.

Maurizio Coratella, the Executive Vice President and COO of McDermott, expressed excitement about the partnership. He stated, "Our global execution model positions us uniquely to support Shell in realizing their forthcoming project portfolio. By integrating low-carbon engineering, efficient procurement, strategic partnerships, and technological innovations, we are well-equipped to advance our shared journey towards achieving net-zero emissions, while adhering to the highest safety standards."

This collaboration is not McDermott's first venture with Shell. Historically, the two companies have maintained a robust relationship, collaboratively executing multiple deepwater projects across various locations, including the US Gulf of Mexico, Trinidad and Tobago, Western Australia, and Malaysia. This agreement undoubtedly cements their ongoing partnership, while also positioning McDermott as a critical player in Shell's future energy projects.

About McDermott

McDermott has established itself as a prominent, fully integrated provider of engineering and construction solutions within the energy sector. Renowned for its technology-driven approach, McDermott is dedicated to responsibly harnessing and transforming global energy resources into essential products. With operations in over 54 countries and a workforce exceeding 30,000 employees, the company operates a diversified fleet of specialized marine construction vessels and fabrication facilities on a global scale. Through its innovative capabilities, McDermott aims to foster the next generation of energy infrastructure, paving the way for a sustainable future.

As McDermott embarks on this new partnership with Shell, the industry watches closely. The execution of this EFA has the potential to elevate both companies' standings in the evolving energy landscape and further drive the pursuit of sustainable practices within the industry.

Looking Ahead

Although this collaboration holds promise, it is crucial to acknowledge that the journey ahead may be fraught with uncertainties, as highlighted in McDermott's forward-looking statements. Factors such as volatile market conditions, potential project delays, and changes in client demands could significantly influence the success of this agreement. However, with their combined expertise and commitment to innovation, McDermott and Shell are poised to meet the challenges of the energy sector head-on, embarking on a progressive path towards a sustainable future.